Fengate announces structured equity investment in 250 megawatt wind project
Fengate Asset Management (“Fengate”) is pleased to announce financial close on its acquisition of a majority interest in the Amadeus 250 megawatt wind project in Kent, Fisher and Stonewall counties, Texas, that recently reached commercial operation and tax equity funding from BHE Renewables.
Amadeus was developed and constructed by BayWa r.e. Wind, LLC (“BayWa”), a leading developer of U.S. wind projects. BayWa will continue to own a minority interest in Amadeus and provide ongoing asset management services. Amadeus utilizes proven GE wind turbines with GE providing a long-term services agreement and operates with a long-term energy hedge.
“Fengate is very pleased with the acquisition of this wind project and we look forward to our ongoing strategic partnership with BayWa,” said Greg Calhoun, Managing Director, Infrastructure Investments, Fengate. “This acquisition closely follows our announcement of commercial operation for our Weaver wind project in Maine so it is an exciting time of expansion in contracted U.S. renewable energy for our investors and our firm.”
“We would like to thank Fengate for its commitment to our Amadeus wind project. The structure we have found with Fengate allows us to accomplish various corporate goals and we very much look forward to be working with Fengate on our largest wind project built to date,” adds Florian Zerhusen, CEO of BayWa r.e. Wind, LLC.
Fengate is managing this investment on behalf of the Fengate Core Infrastructure Fund III and its affiliated entities, including an investment fund owned by LiUNA’s Pension Fund of Central and Eastern Canada.
